Market Watch July 2025: Recovery in new home sales

Private Residential Market to Rebound

The private residential market in Singapore experienced a slower pace in June 2025, with developers moving 272 units (excluding Executive Condominiums). This represented a 12.8% decline from May, largely attributed to the mid-year school holidays, during which developers typically hold back major launches and buyer activity softens as many households travel abroad.

In contrast, the Executive Condominium (EC) segment registered a slight uptick in transactions. A total of 33 EC units were sold, reflecting a 37.5% month-on-month increase, albeit from a modest base of 24 units in May. The market for ECs remains tight, with most existing projects nearly sold out apart from a lone unit at Lumina Grand. This scarcity is expected to drive strong interest in upcoming launches, such as Otto Place in July and another EC development at Jalan Loyang Besar slated for 4Q 2025.

June’s sales were largely concentrated in a handful of standout developments. One Marina Gardens topped the charts with 49 units sold, maintaining its strong momentum as Marina South’s first private residential offering. Smaller one- and two-bedroom units accounted for the bulk of transactions, with median prices of $1.2 million and $2.1 million, respectively—price points that likely resonated with investors seeking compact, city-fringe homes. Its strategic location near Marina South MRT and proximity to Singapore’s downtown core further enhanced its desirability.

Bloomsbury Residences followed closely, moving 30 units in June. Demand was driven primarily by two-bedroom layouts, which made up over 60% of its sales. With a median price of $1.7 million, this project’s address in the one-north innovation district and competitive pricing appealed to both owner-occupiers and investors eyeing the RCR market.

District 15 also remained active with the introductions of Arina East Residences and Amber House. These boutique freehold developments secured 9 units and 17 units in sales, respectively. Their smaller scale and premium pricing suggest they are targeting buyers prioritising long-term value and legacy planning.

With popular Outside Central Region (OCR) projects such as Parktown Residence (90.6% sold) and Lentor Central Residences (99.8% sold) nearing sell-out, attention has shifted toward Rest of Central Region (RCR) developments, which dominated June’s best-selling projects.

Looking ahead, July 2025 is poised to reverse the recent slowdown. Lyndenwoods debuted strongly, achieving a 94.5% take-up rate at launch despite the implementation of new Seller’s Stamp Duty (SSD) measures, including higher tax rates and an extended holding period. Additional launches, including The Robertson Opus, Rivergreeen and UPPERHOUSE at Orchard Boulevard, are expected to further drive sales in the coming weeks.

Lyndenwoods debuted strongly, achieving a 94.5% take-up rate at launch despite the implementation of new Seller’s Stamp Duty (SSD) measures

The pipeline for the remainder of 2025 remains healthy, with an estimated 15 private residential projects and one EC launch introducing approximately 7,332 new units to the market. Notably, the Core Central Region (CCR) is set for a revival, with four new projects slated for 3Q 2025—marking the most significant increase in CCR supply in recent years.

Although CCR developments may encounter some resistance due to their higher price points, demand in the RCR and OCR is likely to sustain overall market activity. Broader concerns over global economic uncertainties and trade headwinds could temper buyer sentiment, but potential tailwinds such as a possible US Federal Reserve rate cut and Singapore’s 2025 Draft Master Plan may provide a supportive backdrop for the property market.

SSD Impacts on the Private Residential Market

The Singapore Government’s latest adjustment to the Seller’s Stamp Duty (SSD) for private residential properties, effective 4 July 2025, is designed to discourage speculative activity and promote a more sustainable housing market. The changes include an extension of the holding period from three to four years and an increase in SSD rates by four percentage points across all tiers. These measures target short-term investors who flip properties within a few years of purchase.

However, the market impact is expected to be minimal. Buyer demand remains resilient, as evidenced by the strong take-up rate at launch for Lyndenwoods, which achieved a remarkable 94.5% sales rate despite the SSD changes. Developer confidence is also intact, with robust bidding activity seen in the recent Government Land Sales (GLS) tender for Chuan Grove, reflecting positive sentiment towards future projects.

More broadly, market fundamentals suggest that most homeowners will be unaffected. The proportion of owner-occupier households remained high at 90.8% in 2024, and 72.1% of homeowners in the first half of 2025 sold their properties only after holding them for five years or more. This underscores that the majority of buyers are long-term owners rather than speculative investors.

Overall, while the revised SSD will temper short-term flipping activity, it is unlikely to disrupt the broader market, which continues to be supported by genuine demand from owner-occupiers and developers confident in Singapore’s property landscape.

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